Gold hits lifetime high, crosses Rs 43,000 mark; silver touches Rs 48,600
For the first time in history, Gold prices have logged life-time high to Rs 43,000 per 10 grams while Silver has touched Rs 48,600 on Thursday.
For the first time in history, Gold prices have logged life-time high to Rs 43,000 per 10 grams while Silver has touched Rs 48,600 on Thursday.
Amid Coronavirus outbreak and its impact on global trade and businesses, the demand for Gold has witnessed a rise for the sixth consecutive day.
The global prices of gold also hovered around a seven-year high. Gold prices jumped as much as $1,601.77 per ounce in the international commodity markets.
On Wednesday, Gold prices jumped Rs 462 to Rs 42,339 per 10 grams in the national capital on positive global cues, according to HDFC Securities.
Silver prices also surged Rs 1,047 to Rs 48,652 per kg, from Rs 47,605 per kg on Tuesday. The yellow metal had closed at Rs 41,877 per 10 grams in the previous trading session.
"Spot gold of 24 karat in Delhi crossed the Rs 42,000 mark, gaining Rs 462 with strong international prices. The strong demand from wedding season and rally in global gold prices pushed spot prices higher for the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Besides, gold also witnessed safe-haven buying after Apple Inc warned of missing its revenue forecast in the March 2020 quarter due to the coronavirus outbreak, Patel said.
In the international market, both gold and silver were trading higher at USD 1,606.60 per ounce and USD 18.32 per ounce, respectively.
The yellow metal had closed at Rs 42,381 per 10 gram in the previous trading session. However, silver prices fell Rs 67 to Rs 48,599 per kg from Rs 48,666 per kg on Wednesday.
"Spot gold for 24 karat in Delhi continued upside, gaining Rs 111 on weaker rupee catching overnight gains in dollar index. The spot rupee was trading around 5 paise weaker against the dollar after falling 23 paise in the opening trade," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Besides, strong demand due to wedding season pushed gold spot prices higher, he added.
In the international market, both gold and silver were trading lower at USD 1,609.60 per ounce and USD 18.26 per ounce, respectively.
(With inputs from PTI, IANS)